nishil

🧵 Stablecoins and the Overhaul of Global Credit Lets explore how stablecoins are helping the US distribute its debt globally — and why stablecoin issuers may become the world’s most efficient credit allocator.

@swmartin19 check @axcess_finance

I’m genuinely super excited for the day that adverse selection isn’t a thing in onchain private credit

@LucaB_Cassa what infra do you think can help bridge the gap?

The dollar is down 12% against the franc over the past year. If you're Swiss and earning 10% in USDC stablecoins, you actually made -2% in real terms. Livret A beats you. But something is building up in the backstage, insiders know this

@yaroslavwr_ study @axcess_finance 👀

Tokenized credit is still tiny. Maple alone sits at $2.7B, STOKR at $1.3B, and the whole top 10 is only around $5.7B combined. That is exactly the point. This market is already real enough to matter, but still early enough that leadership is far from settled. Still very early.

@defilordsss @axcess_finance yup, infact retail is probably a very small part of the picture, tradfi capital is used to risk management tools and they'll need that familiarity to deploy at scale

100%. The gap nobody talks about: all these protocols exist, but retail can't actually orchestrate across them without it becoming a job. Risk management only works if you can execute at scale across chains/protocols in real-time. That's when passive yield becomes actually passive.

I believe that the next defi wave will be captured by protocols that can provide risk management systems. Aave's V4 design, Morpho's yield vaults, and Pendle's fixed yield markets are all examples of this. @axcess_finance is a natural addition to this broader market shift - they aim to provide undercollateralised private credit through a novel onchain risk management engine. Excited for the team!

@LandonExplr @axcess_finance certainly 💯

@nishil @axcess_finance Undercollateralized lending onchain is the holy grail. Risk modeling at scale is the hard part. Execution separates survivors from failures.

steve jobs would have had a stroke if he saw all your iphones today

@ThomasRishi I believe defillama has a version of this, or is something there missing? defillama.com/yields?categor…

RWA Yield industry map. Who’s building this? Sort by what asset is tokenized, and which chain maybe

Wow, pretty strong correlation.

@covered_call circle's dip is likely a combination of tether's audit news undermining circle's credibility moat + fragility on the coinbase partnership and about broadly using T-bill yield as their distribution moat.

The thesis in this piece is right: DeFi built markets for yield and leverage, but risk itself still lacks a market. Cassa addresses that gap by turning protocol risk into deterministic, tradable on-chain markets, enabling hedging, transfer, and continuous price discovery. Risk should not be implicit. It should be priced. (Article written by @nishil) thetokendispatch.com/p/defis-risk-l…

I’m so rich

amazingly done @web3_pastel !

@Wisenaviii wow

ask for more. ask for more from life. theparisreview.org/blog/2019/07/1…

Today, we release @futarddotio. The place for founders who want to go faster. Forget pitching VCs - raise directly from a community that wants you to win from day #1.

@BiradarAditya01 enjoyed reading!

@ArrakisFinance 🔥🔥🔥

We analyzed 125 token launches and spoke with 25+ founders to learn why 85% of tokens launched in 2025 ended the year negative. Only 9.4% of tokens that declined in their first week ever recovered. What drove Week 1 relied on decisions founders often overlooked. The guide covers the decisions that actually mattered, how to model them, and a framework for keeping your token out of the 85%. 👉 Read the Practical Guide to TGE: arrakis.finance/tge-guide

@0xLaxo lmao yeah, they're all in a situationship

@nishil the word “exploring” always gets me like nah we just vibing with the idea for now

Why lead with enterprise partnerships for an inherently public blockchain pitch? And the partnerships do not add much weight rn. They're all "exploring" a solution. DTCC is already a partner with Canton, a super validator on the network and a co-chair on Canton governance, and Canton is built enterprise-first, so it fits well. Zero is built public first, and has a world computer vision. DTCC and ICE needs don't fit the chain's vision as I see it - the team should probably give us examples and partnerships that are closer to the chain's vision. I don't think I see that yet.